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Guild Project
The Guild gold project is located approximately 120 km (74.5 miles) northeast of Tonopah, in Nye County, Nevada. Subject to underlying royalties the project is 100% controlled by Columbus Gold. Sniper Resources can earn an initial 51% interest in Guild by incurring US$2 million in exploration expenditures.
Carlin-style gold mineralization is the target at Guild where a silicified ledge in Ordovician limestone carries gold values (thirty samples average 1.9 g/t (0.054 opt) gold over 55 m (180 ft) of its 700 m (2,300 ft) total strike length. The jasperoid ledge formed along a northerly-trending structure which appears to extend south under what is thought to be a thin veneer of post-ore volcanic rocks.
Guild has had limited historical drilling by Amselco and Western States Minerals, however, most of the drill holes were less than 50 m (150 ft) in depth.
A number of untested drill targets have been identified at Guild from geochemical sampling and mapping programs. A gravity survey and several line miles of CSAMT were also completed to identify important overlaid structures. The principal target is an ore-controlling structure which extends for about 1.6 km (1 mile) under shallow post-ore cover between the main Guild gold showing and a jasperoid in an area to the south, where it crosses the inferred position of the Roberts Mountain thrust fault. In addition, the structure is interpreted to cut the Mississippian Webb formation in the south end of the block (host for the Rain, Dee and various other Nevada disseminated gold mines). Preliminary reconnaissance has also identified hydrothermal alteration in the form of silicification and barite veining in the Webb.
Phase II drilling consisting of 6 RC holes was completed by Sniper in October 2011 to test for extensions of gold mineralization encountered in Phase I drilling completed in early 2011. Results of Phase II are pending. Drill holes GI-11, GI-16 and GI-17 in phase I drilling returned intervals of potentially leach-grade gold beginning at surface in oxidized host rock. Drill hole GI-11 averaged 0.008 ounce per ton gold from 0 to 50 ft down the hole with a high assay of 0.024 ounce per ton gold at 20 to 25 ft. Drill hole GI-16 averaged 0.011 ounce per ton from zero to 40 ft down the hole with a high of 0.038 ounce per ton at 10 to 15 ft. Drill hole GI-17 averaged 0.009 ounce per ton from zero to 15 ft down the hole with a high of 0.016 ounce per ton from zero to five ft.
All scientific and technical information contained herein respecting the drilling at Guild has been reviewed and approved by Douglas H. McGibbon, a director and the vice-president, exploration, of Sniper Resources Ltd., who is a qualified person within the meaning of National Instrument 43-101.
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